Would you describe you creditworthiness as excellent? Good or perhaps only fair? The wonderful thing about Capital One® is that they have a variety of credit card options, specifically designed for different levels of credit.
So, who should apply for a Capital One Platinum MasterCard vs. one of their other cards? This review will help you understand if this card is a fit for your current credit quality.
The Platinum Credit Card from Capital One advertises its self as being for consumers with average credit. As a result, it doesn’t offer rewards
Capital One® Platinum Credit Card
- Annual Fee: $0
- Interest Rate: Check terms
- Balance transfers: No balance-transfer fee. Check terms for APR on transferred balances.
- Benefits: This card comes with MasterCard Platinum-tier benefits, including extended warranty, travel accident insurance, secondary auto rental coverage and price protection.
- Credit Requirements: Average/Fair/Limited
- Honest Feedback: If your credit isn’t the best, but it’s not downright bad, then this is a good choice because you will be getting platinum-tier benefits with a very reasonable annual fee. The negative is that the APR is higher, but that’s because it’s geared towards “fair” credit instead of “excellent.” credit, so that’s to be expected
- Go here to learn more
So, that’s a high level assessment of the offer, but let’s get down to brass tacks about it advantages – and possible disadvantages.
- No foreign transaction fees: Some cards hit unsuspecting customers with fees for purchases made outside the U.S. and with foreign merchants (usually a 2-3% surcharge). None of Capital One’s cards charge this.
- Extended warranty program: For eligible purchases that come with an original manufacturer’s (or U.S. store brand) warranty, this benefit will mirror that coverage for the same amount of time, up to 1 extra year. So let’s say you used your Capital One Platinum card to make a qualifying purchase that had a 6 month warranty. Through this extended warranty program, you would have an additional 6 months of coverage. When your card arrives make sure you read the benefits guide that comes with it, so you understand the rules surrounding this program.
- MasterRental Insurance: This is MasterCard’s vehicle rental insurance program. Coverage for accidental damage and vehicle theft is provided on eligible rentals of 15 consecutive days or less which are fully paid for using your Platinum MasterCard. To use this benefit, you will have to decline the collision damage waiver from the rental company.
- Automatic travel accident insurance: This applies during licensed common carrier travel (such as being a passenger on an airline) if you paid for the full cost using your Capital One Platinum credit card. MasterCard’s insurance provider offers up to $100,000 in coverage in the event of a travel accident which causes loss of life, limb, hearing, sight or speech while riding as a passenger.
The potential disadvantages
- Platinum APR: The rate on the standard Platinum is on the high side. But given that it’s for fair credit, it’s understandable. Of course, if you never carry a balance, then you won’t have to worry anyway.
- No rewards program: Perhaps the most notable drawback is that these Capital One Platinum MasterCard does not offer a rewards program. While that may seem like a bad trait, it’s actually understandable when you consider that the card is designed for those with lower credit scores. Credit card rewards can actually be detrimental to someone who needs to focus on paying off their balance because they also induce people to spend more money than they ordinarily would. Simply put, the Capital One Platinum is not aimed at the reward seekers with excellent credit who never carry a balance – if that describes you, then check out the Venture card.
Or shop offers from other issuers, based on your credit type:
- Bad credit probably won’t qualify you: If you have poor credit and are looking to rebuild, then you might need to start with a secured card (or another card for poor credit) instead.
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This review was written or last updated May 2017